There were significant wholesale price increases across the curve on Monday in all time periods, bar W26 electricity.

Uncertainty fuelled by speculators is causing the market disruption as the fundamentals are strong with good gas stocks in Europe and a continued sluggish Chinese economy

Gas: NBP prices saw bullish gains throughout the curve yesterday. Australian LNG strikes continued to be a key factor in rising UK gas prices, backed by upcoming Norwegian outages. Near curve prices were further pressured by the news that no LNG supplies were expected to arrive in the UK over the next couple of weeks. 

Power: Power prices tracked their gas counterpart yesterday. UKA Carbon prices helped support the far curve. (For price outlook, as of yesterday’s close, please see the chart below). 

Crude: Crude prices dropped in price yesterday, largely due to the USD gaining in value late in yesterday’s session. News from China that they have cut their 1-year loan rate spurred hopes of further economic recovery.

Carbon (EU ETS): The ICE Dec-23 closed at €87.88/t yesterday. Opening today at €87.76, the contract is trading at €88.9/t at the time of writing. 

Carbon (UKAs): The ICE Dec-23 closed at £45.7/t last Friday. The contract has opened at £45.6/t today and is currently trading at £46.49/t.